Investing in art is a very personal decision and one that calls for serious consideration in a number of areas. Some people choose to invest in art as they have a genuine interest in a specific artist and others choose to invest because they’re looking to make a profit.
Whatever your reasoning for building a collection, it’s important that you don’t rush in and invest in the first piece you come across. Though art investments may seem simple, it’s not always a straightforward case of buying artwork and selling it at a later date for a profit, there’s actually a lot to think about. Here are our top tips:
Consider the Artist’s Other Artworks
As with all types of investment, not all pieces of art are good investments. Take the time to research the artist, their life and the artwork itself to get a good idea of whether or not it is likely to gain in value or depreciate over time. It’s also helpful to find out how the artist’s other works have performed as investments, as this can be a good indication of how well future investments could do.
Consider if Investing is Right for You
Regardless of whether you’re a keen art investor or you’re just now getting involved in the art world, it’s important to take the time to think about the investment you’re planning to make. It’s very easy to get caught up in the hype of an art piece, so consider whether it’s the right decision for you. Is it the right time for you to invest? Is this a good investment or are you just a fan of the artwork? Often it’s beneficial to take some time to think.
Consider Your Budget
It’s very easy to get swept away when investing in art, but it’s important to consider your budget. Investing in art can be expensive – especially if you’re buying high end pieces or those by a well-known artist – and it’s not a decision that should be taken lightly. Ensure a piece of art is within your budget and you feel it’s a good investment in the long run.
Consider If It’s a Piece of Art You Like
Though liking a piece of art isn’t a requirement for investing successfully, it does make the entire process more enjoyable. Some art investors choose to invest based on profit alone and therefore whether or not they like an artist’s work doesn’t need to be considered. However, if you’re investing with the hope of displaying the art in your home then try to choose pieces you’re a fan of.
